Question 1

Which of the following Nobel laureates in economics is best known for his contribution to the importance of how institutions impact economic outcomes and human behavior?

Accepted Answer

A)   Milton Friedman.
B)   Robert Lucas.
C)   Gary Becker.
D)   Douglass North. D

Question 2

The main theme of Lewer and Van den Berg's (2007) manuscript International Trade and Economic Growth is:

Accepted Answer

A)   the greatest gains from international trade are derived from it's impact on long-run economic growth.
B)   the largest gains from international trade come from it's impact on short-run efficiency gains.
C)   the largest gains from international trade come from it's impact on factor accumulation.
D)   the largest gains from international trade come from it's impact on macroeconomic policies. A

Question 3

The title of Douglas Irwin's famous book on static trade analysis and economic growth is entitled:

Accepted Answer

A)   The Rising Tide.
B)   International Trade: An Engine of Growth?
C)   Against the Tide.
D)   In Defense of Globalization. C

Question 4

In this manuscript, Seabright (2004) mentions the inherent problems that arise from depending on strangers. Seabright calls the recent idea of specialization and dealing with strangers as:

Accepted Answer

A)   the great unknown.
B)   the great evolutionary process.
C)   the great experiment.
D)   the great globalization era.

Question 5

The gains from dealing with strangers: There are three fundamental advantages from expanding the number of people we interact with. Which of the following is not one of the three fundamental advantages from dealing with strangers as mentioned by Seabright (2004)?

Accepted Answer

A)   Gains from specialization.
B)   Reductions in risks from unpredictable adverse outcomes.
C)   Faster expansion of knowledge.
D)   More conflict.

Exam 9: Restating the Case for Free Trade

Which of the following Nobel laureates in economics is best known for his contribution to the importance of how institutions impact economic outcomes and human behavior?

The main theme of Lewer and Van den Berg's (2007) manuscript International Trade and Economic Growth is:

The title of Douglas Irwin's famous book on static trade analysis and economic growth is entitled:

In this manuscript, Seabright (2004) mentions the inherent problems that arise from depending on strangers. Seabright calls the recent idea of specialization and dealing with strangers as:

The gains from dealing with strangers: There are three fundamental advantages from expanding the number of people we interact with. Which of the following is not one of the three fundamental advantages from dealing with strangers as mentioned by Seabright (2004) ?